Suppliers to Indian Railways and metro projects, tiered by how central rail actually is to the business.
RVNL is the dedicated executing arm of the Ministry of Railways, with rail infrastructure (new lines, doubling, gauge conversion, electrification, signalling, workshops, metro) as its principal business and order book driver.
“Commissioning and handing over 158 projects to Indian Railways, covering New Lines, Gauge Conversion, Doubling, Railway Electrification, Workshops and other critical infrastructure.”
Rail Signaling Division supplies Kavach (train collision avoidance) and TMS/CTC systems to Indian Railways; Kavach alone expected at ~Rs 1,300-1,500 cr/yr with ~Rs 4,000 cr in FY25 contract wins.
“Rail Signaling would be the single largest business during the period to FY 30. Kavach sales should be steady at about C1,300 - C1,500 crs per year during FY 26, FY27, FY28. Later they should dip. But sales of Train Management Systems /Centralised Train Control should grow, to compensate.”
Railways is IRCON's principal business, contributing 81% of operating turnover, spanning track laying, electrification, signalling & telecommunications, metro, and high-speed rail projects domestically and internationally.
“During FY 2024–25, the Railway sector contributed around 81% to our operating turnover and operating turnover from highway/ other sector was approximately 19%.”
“While IRCON ventured into the field of Solar Power Development and Renewable Energy Sector, its primary focus and core strength have always remained firmly rooted in the railway sector.”
Transportation business delivered over Rs 1,550 Crore in FY26, executing railway electrification, signalling, Kavach train collision avoidance systems, metro and RRTS works as a core segment.
“Railways remained a core engine of execution.”
“We are redefining mobility by delivering comprehensive EPC solutions across conventional railways, urban transit systems (metros and RRTS) and ropeways.”
Principal business is designing and manufacturing freight wagons, wheelsets, brake systems, couplers and CMS crossings for Indian Railways, metros and rail projects.
“We specialise in the designing and manufacturing of wagons that are custom-built to transport a wide range of commodities for essential sectors across the railway network.”
Parent company ORIL holds ~30% market share in Indian Railways seats & berths, with 7.8% of FY26 order book (₹135 Cr) coming from this passenger business including Vande Bharat seating.
“Oriental Rail Infrastructure Limited (ORIL) has built a strong presence in the passenger comfort segment through its seats, berths, foam, and rexine manufacturing businesses. Today commanding an estimated 30% market share in India's railway seat and berth segment, ORIL has established itself as one of the most trusted suppliers to Indian Railways”
L&T executes rail infrastructure including slab tracks for the Delhi-Meerut RRTS regional rapid transit system as part of its transportation infrastructure work.
“Commercial operation started on the entire section of mainline 182 TKM of the Delhi-Meerut RRTS after the completion of slab tracks”
JSW Steel supplies structural steel and rails (including via its Italy Piombino rail mill at 0.32 MTPA) for Indian metro rail and bullet train corridors as a real but non-core business line.
“Our Company is contributing to the 70 km Mumbai-Ahmedabad Bullet Train corridor, 55 km of metro rail projects across major cities, 889 km of expressways and highways and 235 km of bridges alongside extensive water and oil and gas pipeline networks.”
Rail & Metro Solutions is an identified non-defence business line with specific products/orders such as 5G Solution for Railways and Automatic Train Supervision System.
“Non-Defence segment businesses like Rail & Metro solutions, civil aviation solutions, network and cyber security solutions and other diversification areas will also continue contributing to growth.”
BHEL is a long-standing supplier to Indian Railways (850+ locomotives), is manufacturing 80 Vande Bharat trainsets, and has secured maiden orders for track machines (SPIC, RBMV) and Kavach signalling.
“850+ Locos supplied to Indian Railways and Industry”
Cummins India recorded record Rail revenue supplying DETC propulsion packages, CPCBIV+ Power Car alternator sets, Track Maintenance Machine engines, and developmental HSSPART propulsion systems to Indian Railways.
“Record revenue was registered for Rail in FY 2025–26, driven by robust demand for Diesel Electric Tower Cars (DETCs), Power Car diesel alternator sets and engines for Track Maintenance Machines.”
“Rail product development: Developed horizontal engine for high speed self-propelled accident relief train (HS SPART) application”
Siemens Limited explicitly offers rail vehicles, rail automation and rail electrification systems as part of its mobility/transportation product portfolio in India.
“SL offers products, integrated solutions for industrial applications for manufacturing industries, drives for process industries, intelligent infrastructure and buildings and for passenger and freight transportation, including rail vehicles, rail automation and rail electrification systems.”
“Mr. Michael Peter is the Chief Executive Officer of Siemens Mobility and Managing Director of Siemens Mobility GmbH. He has been CEO of Siemens Mobility since 2017 and is responsible for the global mobility business, including rolling stock, rail automation, digital mobility solutions, and intelligent traffic systems for road and rail.”
Jindal Steel manufactures dedicated rail products (long-length rails for Indian Railways, metros and freight corridors) and has supplied steel to specific railway/metro projects including Agra Metro, Nagpur Metro, Prayagraj Railway Station and Konkan Railway, as a real but non-principal revenue line.
“We contribute to some of India's most significant infrastructure projects by supplying steel for roads, bridges, railways, metros, airports, ports and energy infrastructure.”
Railways and Heavy Engines is a listed business segment where Bharat Forge manufactures turbochargers and high-value engine components for rail applications.
“Capability to manufacture indigenously developed turbochargers for Diesel rail engines”
JSW Infrastructure operates a Category I container train operator licence with 42 rakes currently, scaling to 250 rakes, and is developing rail logistics hubs (e.g., Kudathini) as a real but secondary part of its integrated logistics business.
“Through JSW Port Logistics, our Category I container train operator licence enables seamless pan-India rail connectivity between ports and inland consumption centres.”
Schaeffler India's Bearings & Industrial Solutions division supplies bearings and components to Indian Railways as a stated high-potential growth sector.
“The Bearings & Industrial Solutions division registered a growth of 6.4% as compared to 2024, driven by traction and expansion in high potential sectors – railways, two wheelers, off roads and renewable energies.”
KEI manufactures cables for railway applications and is building dedicated E-beam cross-linking capacity at Sanand to serve Indian Railways, metro and rail projects.
“At the Sanand plant, we are also building E-beam capacity for cables – used in railway and shipbuilding applications – marking another step towards completing our product portfolio.”
“given the high entry barriers and specialized demand from sectors like railways, real estate, and renewables, this remains strategically important for our business.”
Railways is a meaningful sub-segment within Exide's Industrial Infrastructure business, achieving highest-ever volume with strong double-digit growth.
“Railways remained the strongest part within this, with healthy demand and strong project activities.”
“applications spanning home power backup, industrial UPS, solar, railways, traction, infrastructure and specialised defence sector.”
Railways is a listed end-sector for KOEL's industrial engine business, served through a deliberate key-account management approach that is now generating traction.
“In Railways, our key account management approach — implemented systematically over two years — has begun to yield significant results.”
“We have made targeted investments in the capabilities and certifications required to compete credibly in defence, railways, and marine applications, developing indigenised product variants that meet the specific requirements of government procurement frameworks.”
Step-down subsidiary AT Railway formed JV Yujin Machinery India (incorporated 20 Aug 2024) to manufacture driving gears, couplers, pantographs and brakes for Indian Railways, Vande Bharat, metro and high-speed trains; Amber also makes ACs for Railways/Metros.
“manufacturing of all types of Driving Gears, Couplers, Pantograph and Brakes for various rolling stocks, including all types of wagons, trams, Vande Bharat trains, Indian Railways products, high speed and metro trains”
Tata Elxsi is a stated supplier of rail engineering solutions including co-development of Kavach 4.0 safety systems and AI-powered vision-based rail asset inspection for a North American operator.
“Partnered with NOVA Control Tecnologix (a deep-tech subsidiary of e2E Transportation Infrastructure Limited) to co-develop Kavach 4.0, an advanced safety system for railway networks.”
Gabriel India is a qualified supplier with dominant share in advanced damping solutions for Vande Bharat and Train 18 high-speed rail fleets, forming part of its Commercial Vehicles and Railways segment (13% of revenue, 35% YoY growth).
“Our Railway business also gained exceptional momentum. As the Government continues to modernise rolling stock, Gabriel India has maintained a dominant share in advanced damping solutions for the high-speed Vande Bharat and Train 18 fleets.”
“Our comprehensive product portfolio spans shock absorbers, struts, front forks and gas springs, serving passenger vehicles, commercial vehicles, two- and three-wheelers, railways and the aftermarket.”
Railways is a dedicated business segment within ELGi's India operations, with stated strategic priorities (maintaining core market share, expanding in multiple unit segments, private OEM opportunities) and active product launches (RS25100 for WAG10 locomotive) during FY'26.
“Launched RS25100 oil-injected screw compressor for WAG10 locomotive application.”
Real railway business within Industrial Batteries: executed Metro signalling and telecom UPS orders and secured vendor approvals for 110V VRLA systems for the NHSRCL bullet train corridor.
“Orders executed during the year included Metro signalling and telecom UPS applications along with participation in the Mumbai- Ahmedabad High-Speed Rail project.”
Quality Power manufactures medium-voltage oil-filled and dry-type transformers for traction applications and explicitly lists Railways and Locomotive Electrification as a key end-use sector, indicating a real but secondary exposure.
“The company also manufactures a wide range of medium-voltage oil-filled and dry-type transformers for applications in traction, energy storage, and HVDC systems.”
TRIL manufactures traction transformers and railway application transformers (incl. Scott-Connected & V-Connected) for Indian Railways and metro projects, with transformer demand from rail electrification cited as a key end-use driver.
“Currently, Indian Railways is moving towards highspeed trains that is leading to increased demand of transformers from 66 kV to 132 kV. Further, demand is increasing from development of freight corridors, metros, etc. Happy to inform that we are one of the first manufacturer of Scott-Connected & V-Connected railway application transformers.”
Garware's geosynthetics business supplies geosynthetic components used in railway track/infrastructure projects, with railway applications explicitly cited as backing its record order book in FY26.
“The business also achieved its highest-ever order book during the year, backed by major railway and hazardous waste landfill projects, providing strong visibility for the near future.”
Skipper manufactures railway electrification structures as part of its engineering product portfolio and undertakes railway EPC projects in India, though this is a secondary segment to its core T&D tower business.
“Skipper Limited has grown into a global leader in the engineering and infrastructure sector, specialising in the manufacture of transmission and distribution (T&D) structures, including towers and poles. Over the past four decades, the Company expanded its presence across multiple industries, including polymer pipes and fittings, railway electrification structures, telecom towers & poles and EPC projects.”
Company is registered with Delhi Metro for electrification/automation and is actively dealing with Mumbai Metro rail work.
“He also got the Company registered with Delhi Metro for electrification and automation installation and now dealing with Mumbai Metro.”
Through the Tech Innovation Group and Aurionpro Toshi Automatic, supplies AFC hardware and software plus ITMS to Indian metro projects (Delhi Metro, MMRDA Mumbai Line 4/4A ~INR 250 cr, Chennai Metro, Egypt public transport).
“Our front-to-back ability to offer end-to-end solution has made Aurionpro the best and most competitive player in the Automatic Fare Collection (AFC) market in India and a strong emerging player globally.”
Ashoka Buildcon has a railway EPC order book of approximately Rs.320 Crore (around 2% of its Rs.14,905 Crore total order book) as of March 31, 2025, indicating a real but small current railway construction business alongside its dominant roads/highways segment.
“Among the road projects, HAM projects are to the tune of Rs.1859 Crores and EPC road projects are Rs.8687.44 Crore and railway is around Rs.320 Crore.”
New non-automotive vertical supplying cast and machined components for tracks, wagons and carriages to Indian Railways, with supplies already commenced.
“The Company has created a new Non-Automotive business vertical to focus on– Railways and CNC Machines. Railways product portfolio would include manufacturing high-quality cast & machined components for Tracks, Wagons & Carriages utilizes the current surplus capacities. Supplies have already started.”
“Created a new Non-Auto business vertical to focus on – Railways, Manufacturing of CNC Machines”
Listed railway wagons as one of its downstream manufactured products (alongside captive railway sidings for logistics), making it a supplier to Indian Railways.
“Expansion into CR coils & sheets, SBQ steel, stainless steel wires & bright bars, railway wagons, and battery foils enhances value addition, diversifies revenue streams and strengthens profitability.”
A newly commissioned structural steel rolling mill has received Railway Board and PGCIL approvals, opening a new supply channel to Indian Railways with little disclosed revenue yet.
“The facility received product approvals from PGCIL and the Railway Board, unlocking opportunities in the public infrastructure and power transmission segments.”
Holds a 51% stake in Ramkrishna Titagarh Rail Wheels Limited, a JV for rail wheels that has not yet started commercial production.
“The Company holds 51 % in Ramkrishna Titagarh Rail Wheels Limited.”
“M/s. RAMKRISHNA TITAGARH RAIL WHEELS LIMITED (A Joint Venture between Ramkrishna Forgings Limited and Titagarh Rail Systems Limited)”
“Sustained government investment in railway modernization, high-speed corridors, dedicated freight corridors, and metro projects drove demand for forged components such as wheels, axles, couplers, gears, and undercarriage parts.”
KRN has secured Indian Railways vendor approval and is launching Oil Cooling Units for locomotives/railways via its subsidiary, but railways is not yet a stated revenue driver.
“The recent green light as an approved vendor by the Ministry of Indian Railways is a testament to our quality and reliability, opening avenues in high-growth sectors such as railway electrification.”
“KRN Heat Exchanger and Refrigeration Limited is also expanding its manufacturing to cater to the growing needs of railways for their electric engines.”
Railway is listed among industries served, but no specific products, capex or revenue breakdown is provided.
“Industries Served Aerospace Railway Healthcare Defence Die and mould”
Railway applications are listed as one of several non-automotive diversification areas, but no dedicated railway segment or revenue figures are disclosed.
“the Company continued to diversify its revenue streams through increased contribution from exports, aftermarket and non-automotive applications, including railways, snowmobiles, compressors, marine, defence and industrial engines.”
Rail listed as an aspirational opportunity; no current rolling stock, signalling or rail-component business described.
“The present environment presents unprecedented opportunities in defence, semiconductors, rail, and aerospace. We are strategically positioned to capitalise on these developments.”
IFB mentions exploring land in West Bengal for a railways and engineering business, with no committed project or revenue.
“We are looking for land in West Bengal for railways and engineering business.”
Definition used: Supplies rolling stock, signalling, electrification, track work, wagons/coaches or components to Indian Railways, metros or rail projects.Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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